The development of a world-class racing and training facility in Melbourne’s southeast is a step closer after the $38 million sale of Pakenham racecourse.
Victorian developers The Corcoris Group, headed by Nicholas Corcoris, has purchased the 60-acre (24-hectare) property and provided the Pakenham Racing Club (PRC) with funds to relocate to a new 608-acre (246-hectare) site at Tynong in the Gippsland.
Pakenham racecourse was rezoned to a Comprehensive Development Zone by the state government last year comprising of medium-high density residential, as well as a parcel of retail and commercial space.
PRC expects to reap another $1 million from its remaining 3000sqm residential land holding adjoining the racecourse site.
PRC chief executive Michael Hodge said the racecourse sale would enable it to fund the $44 million first stage of the new Tynong racing centre, with work to start in May.
“We are very happy with the sale, as it means we can fund the entire Stage 1 without compromise,” Hodge said.
“This includes a 2400-metre grass track, $8 million event centre, horse tunnel, two sand tracks, fully roofed raceday and training stalls and Stage 1 Trainer Allotments.”
He said racing would start at the new course in August 2013 and that vacation of the current site would be as early as March 2013, at which time all horse training operations will commence at the new track.
Racing Victoria chief executive Rob Hines welcomed the news for the booming horse population in southeast Victoria.
“This represents a unique opportunity for the Pakenham Racing Club to build a state-of-the-art facility that will service a large horse population in Victoria’s southeast and showcase the racing industry to the vibrant and growing communities in the region.”
Australian Trainers’ Association president Colin Alderson commended the ground-breaking initiative for the Victorian and Australian racing industries, which will provide trainers with an option to purchase their own separate trainer allotments in a 150-acre (60-hectare) Trainer Allotment Precinct.
It is proposed that up to 80 trainer allotments will be gradually developed over the next decade.
“Trainers and their families will be able to live on site and manage and operate their own training businesses from the same property right next door to a potentially world-class training facility in a fast-growing outer metropolitan area,” Alderson said.
The Tynong site is located on Nar Nar Goon-Longwarry Road and is 10 times the size of the current Pakenham racecourse site and is purpose-designed to grow and expand to meet the various needs of the industry for decades to come.
AAP TURF
